Finance Minister Arun Jaitley on Monday presented an all round budget for 2016-17, and stated that GDP growth has increased to 7.4%. The budget primarily emphasized on 9 pillars including agriculture, rural infrastructure, education, social sector, ease of doing business, financial sector etc. No change in income tax slabs has been introduced while more focus has been asserted on rural India and health sector.
Highlights for startups
-Company registration in 1 day
-100% FDI in marketing of food products produced and manufactured in India
-Giving a call to SC, ST and women entrepreneurs, ‘Startup India’ has been initiated and Rs 500 cr been initiated
-Hub to support SC ST entrepreneur for promoting job providers than seekers
-Startups can claim 100% deductions on profits for 3 years
-Entrepreneurship education training will be imparted in 2200 colleges, 300 schools and IITs and 50 vocational training centres.
-Companies with turnover less than Rs 5 cr will now pay a lower corporate tax of 29%
-Motor Vehicles Act to be amended to promote entrepreneurship in the road transport sector
-The Pradhan Mantri Mudra Yojna was launched to benefit entrepreneurs who are struggling to rise up.
– E-Haat to connect farmers and breeders
– Online procurement for farmers
– Digital Abhyan For rural India
– Digital literacy mission to be expanded to 6 crore household in next three years
– National Land Record Modernization program under Digital India
-Automation to be implemented in 3 lakh fair price shops by March 2017.